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Rusty Hardware makes only cash sales. It began 2016 with a credit balance of $32,000 in the refund liability account. Sales during 2016 were $600,000. Rusty estimates that 6% of all sales will be returned. During 2016, customers returned merchandise for credit of $28,000 to their accounts. What is the balance in the allowance for sales returns account at the end of 2016? $32,000. $39,000. $43,000. $40,000.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91967353

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